Abound, a fintech startup focused on providing financial solutions for non-resident Indians (NRIs) in the United States, has successfully secures $14 million in a seed funding round. The investment round was led by NEAR Foundation, with additional participation from Circle Ventures, Times Internet, and other investors. This marks the first external funding raised by the startup since its incubation at Times Internet, the digital arm of The Times of India Group.
The newly acquired funds will be used to expand Abound’s financial offerings, enhance its technology infrastructure, and scale its operations. With a strong focus on bridging the financial gap between NRIs and India, the platform integrates remittances, rewards, and banking services into a single digital-first ecosystem. The startup has already processed over $150 million in remittances and facilitated $87 million in rewards gross merchandise value (GMV). It has also witnessed an impressive 50% month-over-month revenue growth in the past six months.
Abound aims to address the long-standing financial challenges faced by NRIs by offering a seamless solution for sending, spending, saving, investing, and borrowing across borders. With an increasing demand for financial services tailored for the global Indian diaspora, Abound is well-positioned to redefine cross-border financial management.
1. Understanding Abound’s Working Model and Revenue Generation
1.1 Business Model and Core Offerings
Abound is a fintech startup designed to cater specifically to the financial needs of Indian professionals, students, and entrepreneurs living in the United States. The platform offers an all-in-one solution that integrates remittances, rewards, investment options, and digital banking services. Unlike traditional financial institutions, which often lack tailored services for NRIs, Abound provides a unified platform for money management.
1.2 Revenue Model and Financial Performance
The startup generates revenue through multiple streams:
- Foreign Exchange Spreads: Abound profits from currency conversion margins when users send remittances to India.
- Rewards and Partnerships: The company earns revenue from businesses offering cashback and rewards on transactions through the platform.
- Subscription-based Premium Services: The startup is working on introducing high-yield savings products and credit services that will provide additional revenue.
Since its inception, the company has processed over $150 million in remittances and $87 million in rewards GMV, highlighting the growing demand for its services. With over 500,000 active users, Abound’s revenue has grown by 50% month-over-month.
2. Founders’ Background and Vision
2.1 The Team Behind Abound
Abound was founded by Nishkaam Mehta, who brings extensive experience in fintech and digital strategy. Mehta previously served as the head of mobile strategy and growth at Hulu before joining Times Internet in 2019. His vision for Abound was to create a ‘super app’ for NRIs that integrates essential financial services into one platform.
2.2 The Vision and Mission
Abound’s mission is to bridge the financial gap for Indians in the U.S. who need efficient cross-border banking, remittance, and investment solutions. The startup aims to create a seamless financial bridge between the two countries, allowing NRIs to manage their finances efficiently.
3. Abound’s Funding Journey and Investor Support
3.1 Seed Funding Round and Investors
Abound secures $14 million in its first external funding round, led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and other key investors. Times Internet continues to be the largest stakeholder and will leverage its digital ecosystem to accelerate Abound’s expansion.
3.2 How the Funds Will Be Utilized
Abound, a US-focused fintech for Indians, secures $14M funding. The startup plans to use the capital for:
- Expanding Financial Offerings: Introducing high-yield savings products, investment solutions, and cross-border credit facilities.
- Enhancing Technology Infrastructure: Leveraging blockchain technology from NEAR for better scalability, security, and efficiency.
- Scaling Operations: Hiring key talent across product, engineering, and operations to support future growth.
4. The Growing Market for NRI Financial Services
4.1 The Need for Specialized Financial Solutions
The Indian-American community is the wealthiest ethnic group in the United States, with an average household income of $150,000—nearly three times the national average. Despite this, traditional banks fail to cater to their unique financial needs, creating an opportunity for fintech startups like Abound.
4.2 Global Remittance Trends and Market Potential
India remains the world’s largest recipient of remittances, receiving over $129 billion in 2024. The remittance market continues to expand as the global Indian diaspora grows, increasing demand for seamless cross-border financial solutions.
5. Future Roadmap and Expansion Plans
5.1 Short-Term Goals
In the next 12 months, Abound aims to strengthen its user base, expand its rewards ecosystem, and introduce new financial products. The startup is also setting up an executive team in the U.S. to drive localized growth.
5.2 Long-Term Vision
Beyond the U.S., Abound plans to enter markets such as Canada, Singapore, and the UAE—regions with significant NRI populations. The company envisions becoming a comprehensive financial partner for NRIs worldwide.
6. Learning for Startups and Entrepreneurs
6.1 Identify Untapped Market Needs
Abound’s success highlights the importance of addressing specific pain points within a niche market. By catering to NRIs’ financial challenges, the startup has built a unique value proposition.
6.2 Leverage Strategic Partnerships
Collaborating with established entities like Times Internet has helped Abound scale rapidly. Startups should seek strategic alliances to accelerate growth and access a wider audience.
6.3 Focus on Continuous Innovation
The fintech landscape is evolving rapidly. Startups must stay ahead by integrating new technologies such as blockchain and AI to enhance security, efficiency, and user experience.
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